Allspring Global Investments Holdings LLC Cuts Holdings in Incyte Co. (NASDAQ:INCY)

Allspring Global Investments Holdings LLC lowered its stake in shares of Incyte Co. (NASDAQ:INCY) by 44.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 497,497 shares of the biopharmaceutical company’s stock after selling 395,213 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.22% of Incyte worth $32,885,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in INCY. Wellington Management Group LLP raised its position in Incyte by 48.8% during the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock valued at $8,266,000 after purchasing an additional 43,160 shares in the last quarter. FORVIS Wealth Advisors LLC purchased a new position in shares of Incyte during the 1st quarter valued at about $1,495,000. ProShare Advisors LLC lifted its position in Incyte by 14.4% in the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after buying an additional 7,925 shares during the last quarter. Kennedy Capital Management LLC purchased a new stake in Incyte in the first quarter worth approximately $463,000. Finally, Diversified Trust Co grew its position in Incyte by 123.7% during the first quarter. Diversified Trust Co now owns 36,062 shares of the biopharmaceutical company’s stock valued at $2,054,000 after acquiring an additional 19,944 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Bank of America boosted their price objective on shares of Incyte from $66.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. JPMorgan Chase & Co. upped their price target on shares of Incyte from $61.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday. Truist Financial reissued a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average price target of $73.42.

Incyte Trading Down 0.6 %

INCY opened at $65.17 on Thursday. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52 week low of $50.27 and a 52 week high of $70.36. The stock has a market cap of $14.63 billion, a PE ratio of 19.75, a PEG ratio of 5.30 and a beta of 0.73. The business has a 50 day moving average of $65.02 and a 200-day moving average of $61.11.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.77 EPS. Equities research analysts predict that Incyte Co. will post 0.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by insiders.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.